Terry Carr Residential: July 2015

I have now been trying for the best part of 3 years to get some investment business 'over the line' and I never envisaged for one reason or another how difficult it was going to be.

I thought that having been in residential sales for 30+ years during which time I have sold hundreds of properties throughout London and the suburbs, that changing over to investment stock would be just as straight forward. Clearly I was wrong, the investment market is a real 'beast' promising an awful lot, but in my case delivering very little.

I can think of at least 6 investment deals that I have agreed, and which would have taken a personal work in progress to in the region of £100,000 and seemingly at the time well placed to progress. Boy was I wrong as things were falling out of bed as quickly as I put them in.
The highs and lows, a real roller coaster business full of ups and downs, and the downs really deflate!

I saw this as another challenge (I love challenges) and one that I was well prepared for, and realizing that 3/4 of these well priced deals a year would suffice and allow myself and my partner a good life style.
A land sale was agreed in Surrey to a couple of Irish gentlemen, supposedly partners and seemingly sincere-until just before exchange of contracts they fell out with each other, and the plug was pulled on this deal.

Over in Dockland, a deal what dreams are made of was agreed on a large development due for completion in approximately 2017-numerous phone calls, paper work, etc etc all looking good. This deal was on and off at least 10 times over the course of 6 months. Seemingly we were told a catalogue of lies by the prospective buyer, and who never was. Unbelievable but true.

In north London a development opportunity went to best and final offers and pleasingly my clients offer won the day and negotiations started. It took the seller several weeks to get any legals out much to my frustration and of course my clients. Following several weeks of progression, surveys etc being carried out we had our first problem and i was hit with a bombshell of having to reduce my fees by 50% to keep the deal together. The next bombshell was the seller decided to increase the contract price, despite calling for best and final offers originally (not sure how legal that is-but its all subject to contract) My client had requested a price reduction based on structural issues at the property only to be told by the seller that the property was to be re marketed. My client still wants to buy but clearly we have a shortfall.

These are just few examples of why perhaps I am better suited to revert back to more straight forward residential agency, all be it still keeping my investment side open just in cast by some miracle I am still able to put something together-never say never!

Terry Carr Residential

Wednesday, 22 July 2015

Investments, Investments, Investments...........................................

Terry Carr Residential: Terry Carr Residential: I would like to take this ...

Terry Carr Residential: Terry Carr Residential: I would like to take this ...

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